Whether your goal is to pay down your credit card debt, save for retirement, or simply scrape together enough cash for a night on the town, saving money takes discipline and hard work. Some people feel so overwhelmed by the prospect of creating a financial plan and saving money that, instead of taking action, they freeze. People who allow fear to freeze them into financial passivity rarely achieve their monetary goals. Here are seven simple steps you can take to conquer your financial fears and start saving today.
Get Honest
Ask yourself some cold, hard questions about your financial behaviors. When you have extra money, what do you do with it? Are you an impulse buyer? Do you slap down the plastic when you should be paying cash? Do you live beyond your means? The answers to these questions, and others, can be hard to swallow. But change cannot come about until you acknowledge the destructive financial behaviors that are keeping you from attaining your financial goals. You know yourself better than anyone else does. If you can get honest with yourself about the financial behaviors that are holding you back, perhaps you can also come up with some solutions to overcome these behaviors.
Get Frugal
A dollar here, fifty cents there, the pennies add up quickly. If you can’t pass McDonald’s without pulling in for a soda, or a fountain at the mall without tossing in a handful of coins, consider finding a new home for your loose change: your savings account. Over time, the dollars and cents you mindlessly spend on unnecessary daily expenditures could grow into a serious mound of money with serious earning potential.
Get Raw
At the grocery store, investigate cheaper food options. Instead of buying name brand peanut butter, consider switching to the store brand. Instead of buying prepackaged dinners and baked goods, consider buying raw ingredients, like flour, sugar, eggs, rice, and beans, and making your food from scratch. Not only is it healthier to eat this way, it’s much cheaper.
Get Creative
Maybe you think you can’t save money because every penny is already spoken for. There may be ways to cut corners that you haven’t thought of yet. Contact your cable, Internet, and cell phone companies to inquire about better rates. Even your mortgage and credit companies may have exciting, interest-lowering offers for you to consider.
Get a Second Job
Another way to expand your wealth is to work a little on the side. Spend a few hours a week mowing lawns, delivering newspapers, or tutoring the kid next door. If you have a hobby or special talent that could be profitable, such as fixing computers or playing the piano, investigate your options. Watch your bank account grow.
Get Old
Spend some time imagining yourself as a senior citizen. Picture yourself with wrinkly skin, snow-white hair (or no hair), and possible health challenges. Realize that the day is coming. Ask yourself if you would rather be working at a gas station or fast food joint when you’re seventy just to put food on the table or relaxing in your favorite recliner reading to a grandchild?
Get Real
Realize that recessions don’t last forever. The world’s current financial situation, while bleak, is part of a typical cycle that ebbs and flows. For now, you are wise to pinch your pennies and watch your expenditures. But experts say it is still OK to take risks in the stock market and/or with other investments if you do so wisely. Before making any major monetary moves, however, consult a financial adviser. Consult family and friends. Finally, consult yourself. Weigh your options and make the decision that’s best for you.
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